(RTTNews) - Private sector employment in the U.S. increased by less than expected in the month of December, according to a report released by payroll processor ADP on Wednesday.
The report said private sector employment rose by 122,000 jobs in December after climbing by 146,000 jobs in November. Economists had expected private sector employment to grow by 140,000 jobs.
ADP said hiring slowed in several industries, while employment in the manufacturing sector shrank for the third straight month.
"The labor market downshifted to a more modest pace of growth in the final month of 2024, with a slowdown in both hiring and pay gains," said ADP Chief Economist Nela Richardson.
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